The Productivity Puzzle: A Critical Assessment and an Outlook on the COVID-19 Crisis

Felix Roth ()

Chapter Chapter 1 in Intangible Capital and Growth, 2022, pp 1-16 from Springer

Abstract: Abstract This contribution critically assesses the productivity puzzle and gives an outlook on the COVID-19 crisis. It offers two main conclusions. First, it posits that a large fraction of the productivity puzzle can be solved by incorporating intangible capital into the asset boundary of the national accounts. Thus, the productivity puzzle is largely explained as a consequence of fundamental structural changes that are underway, transforming industrial economies into knowledge economies. Secondly, the contribution foresees a post-COVID-19 scenario that is likely to lead to a pronounced increase in labor productivity growth. This depends, however, on whether the current push for digitization will be backed by actual investments in digitization and the necessary complementary investments in (business and public) intangible capital.

Keywords: Productivity puzzle; Intangible capital; Labor productivity growth; Structural change; COVID-19 crisis; Remeasurement of GDP; E22; F45; O32; O34; O47; O52 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/978-3-030-86186-5_1

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